- From a technical analysis perspective, the WTI Crude is still evolving within a “Descending Triangle” range configuration in place since 23 Apr 2019. Interestingly, the on-going rally has stalled right at the range resistance of 56.95 and formed a bearish “Shooting Star” reversal candlestick pattern coupled with a bearish RSI oscillator.
- These observations suggest that the recent upside momentum has started to ease off.
- Right now, If the 56.95 key short-term pivotal resistance is not surpassed, WTI may see a push down to retest 53.10 before targeting the range support of 50.70.
- On the other hand, a break with an hourly close above 56.95 negates the bearish tone for another round of corrective rebound to retest 11 Jul 2019 swing high area of 60.35.
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